US STOCKS-Wall Street surges on signs of economic rebound

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Boeing jumps as Third Point reveals stake
* Lyft climbs on May ride growth
* Microchip climbs after sales, profit forecast raise
* Indexes up: Dow 1.71%, S&P 500 1.24%, Nasdaq 0.78%

(Updates to late afternoon, changes dateline, byline)
By Stephen Culp
NEW YORK, June 3 (Reuters) - Wall Street jumped in a broad
rally on Wednesday, closing ground on all-time highs as signs of
recovery from mandated economic shutdowns helped investors look
beyond ongoing social unrest and pandemic woes.
Financials, industrials and tech led the three major U.S.
stock indexes well into the black, with the S&P 500 and the
Nasdaq on course to post their fourth straight day of solid
gains.
The Nasdaq, the S&P 500 and the Dow have rebounded sharply
from March lows hit as coronavirus-related lockdowns shocked the
stock market, and they are now about 1.6%, 8.1%, and 11.6%,
respectively, away from overtaking record closing highs set in
February.
The Nasdaq 100 .NDX is now within half a percent of its
February record.
"With the market returning to all-time highs, there's
sentiment out there that the economy will get better in the
second half of the year," said Joseph Sroka, chief investment
officer at NovaPoint in Atlanta. "There are a number of gates in
the way between now and 2021, but barring another COVID-like
event, there should be a fairly robust return to growth."
Nationwide protests over the death of an unarmed black man
in police custody extended through their eighth night as
protesters ignored curfews, but violence subsided after
President Donald Trump threatened to deploy the military.
A spate of grim economic data was not as bad as economists
feared, with ADP reporting much fewer private-sector job cuts in
May than expected. Market participants now await the U.S. Labor Department's
more comprehensive May jobs report, which is expected to show
unemployment soaring to a historic 19.7%
The Dow Jones Industrial Average .DJI rose 440.59 points,
or 1.71%, to 26,183.24, the S&P 500 .SPX gained 38.06 points,
or 1.24%, to 3,118.88 and the Nasdaq Composite .IXIC added
75.11 points, or 0.78%, to 9,683.48.
Of the 11 major sectors in the S&P 500, all but healthcare
.SPXHC were in positive territory.
Boeing Co BA.N gave the biggest boost to the blue-chip
Dow, its shares rising 10.4% following news that billionaire
investor Daniel Loeb's Third Point had taken a stake in the
company. Lyft Inc LYFT.O jumped 10.4% after the ride-sharing
platform reported rides increased 26% in May. Microchip Technology Inc MCHP.O surged 12.5% after the
chipmaker raised its forecast for current-quarter sales and
profit. Teleconferencing firm Zoom Communications Inc ZM.O nearly
doubled its annual sales expectations, but also reported a sharp
rise in costs. Its shares were up 5.8%. Cosmetics maker Coty Inc's COTY.N rose 10.9% after
announcing it was in talks to collaborate on a beauty line with
reality TV star Kim Kardashian West. Campbell Soup Co's CPB.N beat earnings expectations and
hiked its full-year forecast, but troubles meeting surging
consumer demand sent its shares down 4.9%. Advancing issues outnumbered declining ones on the NYSE by a
3.62-to-1 ratio; on Nasdaq, a 2.33-to-1 ratio favored advancers.
The S&P 500 posted 30 new 52-week highs and no new lows; the
Nasdaq Composite recorded 89 new highs and three new lows.